Saxo Bank suing Fortune and IM International

FXStreet Team FXStreet

FXstreet.com (Barcelona) - Saxo Bank has decided to sue back Portuguese Fortune and Lebanese IM International SAL firms according to its commercial lawyer J. Korsos Jensen after last weeks' rumors and actions on the back of irregular situations between Fortune, IM International and Saxo Bank.

"Saxo Bank, despite the attempt, been unable to get the two former clients' permission to publish the facts and thus the factual basis explain Saxo Bank's view. This is for obvious reasons totally unacceptable to Saxo Bank after same customers have emerged with such serious and unsubstantiated accusations, as has been the case," states Korsos.

Initially, Fortune complained against Saxo Bank to the Portuguese National supervising authorities CMVM, Banco de Portugal and Danish FSA authorities in 2008. The CMVM decided to suspend Fortune for three months between 2009 June and September and its directors without deadline due to malpractice in negotiating asset which resulted in great losses.

In Denmark, the Danish FSA decided not to accept the reclamation and the regulator also qualified the situation as 'unusual' and confirmed that Saxo Bank had reasons to suspend all trading in Icelandic Króna.

Now, Saxo bank has sued Fortune as well as IM International since the media has painted negative image of the bank and Saxo has evidence on the table in a lawsuit according to Saxo Bank's press release.

Regarding to IM International, Saxo has also presented allegations after "serious and false accusations" against the Bank.

Author

FXStreet Team

FXStreet

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.